Vera Bradley to Go Public

By Peter Ambrose

July 2, 2010 Updated Jul 2, 2010 at 7:08 AM EDT

FORT WAYNE, Ind. (Indiana's NewsCenter) - The popular Fort Wayne-based handbag retailer hopes to sell stock publicly.

The Wall Street Journal reports Vera Bradley has filed with the Securities and Exchange Commission to hold an initial public offering with plans to sell an estimated $175 million in stock and be listed on the NASDAQ index.

Company officials hope money raised in the IPO will help them expand from 28 full-priced stores to 300.

The Wall Street Journal says Vera Bradley's sales have more than doubled in the past five years.

Vera Bradley was founded in 1982, moved to Fort Wayne in 1987 and has enjoyed skyrocketing popularity through sales of quilted handbags, accessories and travel and leisure items for women.

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